JAMB Accounting Past Questions 2012
10 questions from the JAMB 2012 Accounting paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2012Question 1 · Accounting Fundamentals
The basis upon which assets of an organization is valued is the
- A.historical concept
- B.business entity concept
- C.periodicity concept
- D.materiality concept
Show answer
Answer: A. historical concept
The historical (cost) concept is the basis for valuing an organization's assets.
JAMB 2012Question 2 · Branch and Control Accounts
Which of the following is a debit item in the sales ledger control account
- A.Cheque reciepts
- B.Dishonoured cheques
- C.Discount allowed
- D.Bills recievable
Show answer
Answer: B. Dishonoured cheques
Dishonoured cheques are a debit item in the sales ledger control account.
JAMB 2012Question 3 · Cash Book and Bank Reconciliation
In a modern day banking system, cash transfer cannot be made where the transferor
- A.has no sufficient cash with the bank
- B.has no account with the bank
- C.does not reside in the bank's country
- D.does not possess the domestic currency
Show answer
Answer: B. has no account with the bank
Cash transfer cannot happen if the transferor has no account with the bank.
JAMB 2012Question 4 · Company and Partnership Accounts
In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are
- A.business purchase account and ordinary share capital account
- B.Business purchase account, vendor account and ordinary share capital account
- C.business purchase account and vendor account
- D.ordinary share capital account, vendor account and unpaid share capital account
Show answer
Answer: B. Business purchase account, vendor account and ordinary share capital account
Converting to a company requires business purchase, vendor and ordinary share capital accounts.
JAMB 2012Question 5 · Final Accounts and Trial Balance
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
- A.capital and debit liabilities
- B.liabilities and credit assets
- C.assets and credit capital
- D.capital and credit assets
Show answer
Answer: C. assets and credit capital
Increases in assets/expenses are debited; increases in capital/liabilities are credited.
JAMB 2012Question 6 · Final Accounts and Trial Balance
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. The record in Jide's book would be to debit
- A.purchases #12,000 and credit Ibrahim #12,000
- B.purchases #12,000 and credit sugar account #12,000
- C.Jide #12,000 and credit purchases
- D.Ibrahim #12,000 and sugar account #12,000
Show answer
Answer: A. purchases #12,000 and credit Ibrahim #12,000
Jide's books: debit purchases N12,000, credit Ibrahim N12,000.
JAMB 2012Question 7 · Final Accounts and Trial Balance
Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued expenses - # 350 Prepaid expenses - # 700 Stock 1/1/2006 - #25,120 Stock 31/12/2006 - #27,840 Calculate the acid test ratio
- A.1:94:1
- B.1:96:1
- C.1:1:94
- D.1:1:96
Show answer
Answer: B. 1:96:1
Acid test ratio = (24,000+700)/(12,250+350) = 1.96:1.
JAMB 2012Question 8 · Manufacturing and Departmental Accounts
In manufacturing accounts, finance expenses are charged to the
- A.departmental account
- B.trading acount
- C.profit and loss account
- D.balance sheet
Show answer
Answer: C. profit and loss account
Finance expenses in manufacturing accounts are charged to the profit and loss account.
JAMB 2012Question 9 · Public Sector and Not-for-Profit Accounts
The excess revenue over expenditure is charged to
- A.profit and loss
- B.revenue account
- C.accumulated fund
- D.income and expenditure acccount
Show answer
Answer: D. income and expenditure acccount
Excess revenue over expenditure is charged to the income and expenditure account.
JAMB 2012Question 10 · Public Sector and Not-for-Profit Accounts
The power to appoint the Auditor General of the Federation is vested in the
- A.National Assembly
- B.President
- C.Judicial Service Commission
- D.Civil Service Commission
Show answer
Answer: B. President
The power to appoint the Auditor-General of the Federation is vested in the President.
Practise all 40 JAMB 2012 Accounting questions free
Answer them on Acelume, timed like the CBT, see the answer straight away and get a list of the topics you need to work on.
More JAMB Accounting past questions
Other subjects